Greater Bay Area Archives - InsuranceAsia News https://insuranceasianews.com/industry_segments/greater-bay-area/ Fri, 31 May 2024 09:25:27 +0000 en-US hourly 1 https://wordpress.org/?v=6.6.2 Hong Kong 2024 Q1 P&C underwriting profit doubles to US$132m https://insuranceasianews.com/hong-kong-2024-q1-pc-underwriting-profit-doubles-to-us132m/ Fri, 31 May 2024 09:25:27 +0000 https://insuranceasianews.com/?p=154958 The improvement came despite the sector’s total gross claims rising 12.1% as insurers in the city benefited from the release of prior-year reserves, the Hong Kong Insurance Authority said.

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The overall underwriting profit of Hong Kong general insurers for the first quarter ended March 2024 doubled to HK$1.03 billion (US$132 million) from HK$513 million, data from the Hong Kong Insurance ...

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]]> Local expertise and investors key to Hong Kong’s cat bond hub ambitions https://insuranceasianews.com/investors-modellers-lawyers-key-to-hong-kongs-cat-bond-hub-ambition/ Sun, 05 May 2024 23:30:14 +0000 https://insuranceasianews.com/?p=153251 Rising climate risks in the greater China region highlight Hong Kong's potential as an ILS hub, but an informed pool of investors and professional services ecosystems are important to grow the market further.

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Hong Kong is well-positioned to develop into a cat bond hub as emerging risks such as rising sea level in the Guangdong province have highlighted the need for alternative risk transfer tools for (re)i...

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]]> Hong Kong speeds up US$1bn of drainage improvements in climate resilience move https://insuranceasianews.com/hong-kongs-policy-address-targets-super-connector-role/ Wed, 25 Oct 2023 23:45:40 +0000 https://insuranceasianews.com/?p=137108 John Lee, the SAR's chief executive, said the city will step up disaster preparedness, including a review of transport and drainage works.

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Hong Kong’s chief executive John Lee has said he will invest into drainage, transport, technology, talent, green energy, connectivity, manufacturing and tourism to help keep the city’s economic recove...

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]]> CIB’s chairman Alex Yip eyes GBA opportunities for Hong Kong’s specialty market https://insuranceasianews.com/cibs-chairman-alex-yip-eyes-gba-opportunities-for-hong-kongs-specialty-market/ Tue, 19 Sep 2023 23:45:10 +0000 https://insuranceasianews.com/?p=134650 Since transitioning away from being a self-regulatory body, the Confederation of Insurance Brokers is focusing on redeveloping the city as a ‘key hub’ for the Asian (re)insurance sector.

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InsuranceAsia News (IAN) recently caught up with Alex Yip, chairman of the Hong Kong Confederation of Insurance Brokers (CIB) and chief executive of Lockton Companies (Hong Kong).
The CIB has gone thr...

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]]> China Taiping’s P&C H1 domestic profit falls 68%; Taiping Re’s COR increases to 105.8% https://insuranceasianews.com/taiping-pc-h1-domestic-profit-falls-68-taiping-res-cor-increases-to-105-8/ Fri, 25 Aug 2023 03:24:22 +0000 https://insuranceasianews.com/?p=132734 The group's overseas P&C insurance business, which has units in Hong Kong, Macau, Indonesia and Singapore, saw net profit climb 10%.

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China Taiping’s domestic business saw profit after tax decrease 67.9% in the first six months of 2023 (H1 2023) to HK$185.4 million (US$23.6 million) as the combined operating ratio (COR) deteriorated...

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]]> Hong Kong northbound GBA motor scheme to help spur P&C innovation https://insuranceasianews.com/hong-kong-northbound-gba-motor-scheme-to-help-spur-pc-innovation/ Tue, 08 Aug 2023 23:45:31 +0000 https://insuranceasianews.com/?p=131388 With 16 insurers already writing cross-border policies, the Greater Bay Area should create specialty and reinsurance opportunities despite a complex framework.

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The reality of Hong Kong’s P&C players being able to tap the opportunities of the Greater Bay Area (GBA) has arrived. An agreement for cross-border travel from Hong Kong to mainland China has been...

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]]> QBE betting on specialty, GBA to drive north Asia growth https://insuranceasianews.com/qbe-betting-on-specialty-gba-to-drive-north-asia-growth/ Tue, 01 Aug 2023 23:45:45 +0000 https://insuranceasianews.com/?p=130765 The carrier is looking to leverage its global expertise, build regional partnerships and 'supercharge' distribution channels, says region chief Lei Yu.

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QBE’s north Asia growth plans are built around three strategic priorities – expanding its specialty insurance offerings, leveraging opportunities in the Greater Bay Area (GBA) and “supercharging” its ...

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]]> Chubb’s Greenberg urges ‘effort to limit bureaucracy’ to help GBA: report https://insuranceasianews.com/chubbs-greenberg-urges-effort-to-limit-bureaucracy-to-help-gba-report/ Sun, 23 Jul 2023 23:25:00 +0000 https://insuranceasianews.com/?p=130075 The global CEO said the government has to "take down the financial regulatory borders between Hong Kong and Guangdong".

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Evan Greenberg, global chief executive of Chubb, wants fewer regulations and a limit on bureaucracy between Hong Kong and China to help boost the Greater Bay Area (GBA) -- an economic plan to tie up t...

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]]> 16 Hong Kong insurers launch GBA cross-border motor cover https://insuranceasianews.com/16-hong-kong-insurers-launch-gba-cross-border-motor-cover/ Mon, 01 May 2023 08:01:59 +0000 https://insuranceasianews.com/?p=123919 Vehicles from the SAR travelling to Guangdong via the Hong Kong-Zhuhai-Macau Bridge are eligible from July 1 to buy unilateral recognition policy.

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The Hong Kong Insurance Authority (HKIA) has indicated that 16 Hong Kong insurers have agreed to offer cross-border motor insurance cover to travellers when the newly proposed travel scheme to Guangdo...

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]]> Lloyd’s eyes regional opportunities through Hong Kong https://insuranceasianews.com/lloyds-eyes-regional-opportunities-through-hong-kong/ Tue, 18 Apr 2023 23:45:51 +0000 https://insuranceasianews.com/?p=123007 The platform's regional director Iain Ferguson identified reinsurance capacity, captives and more local placement as areas for the market to focus on.

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The Lloyd’s market in Hong Kong has a great opportunity to harness a global network and to write more business in the Special Administrative Region (SAR), an audience heard at a Lloyd’s Meet the Marke...

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